CRS and FATCA Reporting Obligation Is Fast Approaching! Are You Ready?
Source: MAP FinTech
- Analysis & interpretation of the requirements, which consist of over 300 pages
of guidelines to read. - More than 65 fields per record to complete.
- Complicated multilevel XML files.
- Different jurisdictions with each posing a different set of challenges.
- Incorrect completion of CRS and FATCA submissions.
- Failure to meet the reporting deadline and overall requirements.
- Costly investment in resources to help you file the relevant submissions, which in turn may place a burden on your budget.
- Disruption of your daily operations.
- Incorrect or false submissions that may result in a withholding penalty to specific payments.
- Cost-efficient integrated reporting solutions provided under a single platform.
- Highly automated and scalable solution that can report as many accounts as you have.
- Flexible in the way it receives data, either via standard templates or raw data.
- Multiple reporting health checks for both content and schema and automatic filtering of erroneous entries.
- Automatic conversion of data to XML and separation of files based on tax residency.
- Submissions to various tax authorities worldwide.
- On-going communication with regulators to ensure the system reports reflect regulatory updates and changes.
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